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18 toe tribune thursday june 19 1975 m municipal offices 8911 don mills road markham ontario 5 wcsdbine kit just north of highsa no 7 1974 audited financial statements auditors report to the member of cooncfl inhabitants and ratepayers of the corporation of the town of markhxm we ha ve examined the 1974 financial statements of the town of mafkham and its local boards which are reported on separately our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances in our opinion these financial statements present fairly the financial position of thetown of markham as at december 31 1974 and the results of its operations for the year then ended in accordance with accounting principles generally accepted for ontario municipalities applied on a basis consistent with that of the preceding year toronto canada may 7 1975 licence number 34 eddis associates chartered accountants notes to the financial statements december 31 1974 1 charges for net long term liabilities total charges for the year for net long term liabilities were as follows principal payments including conbributions to sinking funds and to the ontario water resources debt retirement fund 271121 interest 565624 1836745 of the total charges shown above 586551 was paid from the revenue of the municipality and is included in expenditure classified under the appropriate funo tional headings and 250194 was recovered from the municipal enterprises for which the related net long term liabilities were incurred 2 provision for reserves a provision of 50000 for working capital reserve js included in the statement of revenue and expenditure as financial expenses 3 contributions to reserve funds contributions to reserve funds amounting to 31689 are included m the statement of revenue and expenditure classified under the appropriate functional headings 4 basis of consollbation the consolidated balance sheet reflects the assets and liabilities of the revenue fund the capital fund and all reserve funds of the municipality trust fund assets ad ministered by the municipality amounting to 74012 have not been consolidated nor have the assets and liabilities of the water areas the transit system and the local boards of the municipality s net long term liabilities total long term liabilities incurred by the municipality and outstanding at the end of the year amount to 11219655 in addition the municipality has assumed responsibility for the payment of principal and interest charges on certain long term liabilities issued by ij other municipalities at the end of the year the principal amount of this liability is 2937500 of the long term liabilities shown above the responsibility for payment of principal and interest charges has been assumed by others for a principal amount of- v 6578958 the total value of sinking funds and the balance in the ontario water resources debt retirement fund which have been accumulated to the end of the year to retire the outstanding long term liabilities included above amount to long term liabilities issued by the municipality and held by reserve funds as investments amountto net long term liabilities at the end of the year- 501389 1300 7075508 6 capital outlay to be recovered infuture years some capital outlay does not represent a burden on general municipal revenues as it is to be recovered in future years from other sources special charges on benefitting landowners 4435010 municipal enterprises 2044124 v v 6479134 v 7 liability for vested sick leave benefits under the sick leave benefit plan unused sick leave can accumulate arid employees may become entitled to a cash payment when they leave the municipalitys em ployment s- v the liability for these accumulated days to the extent that they have vested and could be taken in cash by an employee on terminating amounted to 158303 at the end of the year which amount is fully provided for by a reserve fund and is reported on the consolidated balance sheet s i j v 8 capital expenditure commitments v the municipality is committed forl078000 for capital expenditures over and above approved expenditures under long term financing these expenditures are for recreational arid administrative facilities and theadministration lot fee fund of 838849 is committed towards these costs i distribution of your tax dollar 1974 1973 assessment analysis nltlmhtlai lltu comh4 kll loultm iiii imiwodoqoo if mooooooao r 111 tm 1i11ckio00om n n ooo ooo oo mi 4fmt0o00o 10 mm 000 00 ms imaowoo n 0lhlo0 ll te iw km mi row ooo 00 tt im00o0000o tt total sau ooo 00o0o 100v unoooooocc too uk 019000 00 i00n tvijfjiioa won ml 006 600 00 100 -x- t sifs lfon v89mhiin i34 million- 502 million 56fmilcon 600 million ftpglition5sy37 v40000 43000 47s00 sj000 55000- consolidated balance sheet december 31 1974 assets cash accounts receivable other governments hydro utility and water areas other taxes receivable investments at cost and short term deposits ontario water resources commission reserve fund assets inventories and prepayments total current assets capital outlay to be recovered in future years 1974 18514 1973 9 6330 546636 241220 111809 1587101 664682 68326 75684 1404338 1391596 1551788 98567 70444 89378 35744 4065887 3896270 11046067 7325499 15111954 11221769 liabilities temporary loans accounts payable and accrued liabilities other governments local boards and other funds board of education oioxi library and community centre boards 48873 water areas other deferred revenue total current liabilities net long term liabilities reserves and reserve funds accumulated net revenue general revenue special charges special areas 1974 1973 2885000 320054 307917 373551 rds 48873 1011323 254661 441500 16409 694033 j 106991 4893462 7075508 2414247 1811850 6827728 1949824 210998 20829 496910 168589 29259 434519 728737 632367 15111954 11221769 statement of revenue and expenditure for the year ended december 31 1974 revenue taxation contributions from other governments payments in lieu of taxes subsidies ontario other revenues licences and permits service charges penalties and interest on taxes rents fines and sundry income from short term investments 1974 1973 13875172 11623769 35063 1108438 30858 1162762 139204 532657 150272 7181 173904 222053 256819 138852 7108 65673 16021891 13507894 1974 statement of capital fund operations for the year ended december 31 1974 1974 1973 unfinanced capital outlay at the beginning of the year capital outlay capital expenditures general government protection to persons and property transportation services environmental services recreation and community services community planning transfer to hydro utility total capital financing long term liabilities incurred contributions from other governments contributions from the revenue fund contributions from reserve funds other unfinanced capital outlay at the end of the year note temporary loans in the amount of 2885o6oare carried at the year end pending proceeds of long term financing for approved projects in progis expenditure general government protection to persons and property transportation services i environmental services recreation and community services communityplanning and development financial expenses region of york education excess of revenue overexpenditure for the year accumulated net revenue beginning of the year accumulated net revenue end of the year 728737 1973 581301 494279 756854 602289 2295679 2101933 1208820 1087442 1392266 872619 234324 148920 256282 173834 2378838 2119386 6821157 5561191 15925521 13161893 96370 346001 632367 286366 728737 632367 statement of trust funds held december 31 1974 -assets- vh 496371 3664941 cash i i investmeritsat cost provincial and municipal bonds investment certificates 275617 14866 37031 97154 735022 746967 fund balances 296174 3868925 682582 2341136 guarantee deposits morgan fund 1496 51272 v 245000 r capital income 5265537 4127705 rk person trust capital 545198 1165024 income 267613 432651 336624 624250 1 148123 1650278 1 495091 125625 j 1792649 3997828 39692i9 496371 1974 21981 j c- 1973 v 151843 6000 j i 46031 modoo r45755 74012 71598 33764- 34394 23000 3413 23000 2843 11670 2165 10020 134l 74012 71598 region of york distribution of taxsupported services in the town of markham 1974 1973 and 1972 rutty and butintti tixri imposed for reoorul are mumopilny vki school bof d purposes province of ontarios conuibutioni applied to reduce u taxes imposed other municipal and school board revenues in 1974 ontario will contribute 104 lor every dollar of realty and business taes imposed by the town of markham at compared lo 1 26m 1972 and s118in 1973 1974 1973 1972 si 284 7229 00 45 s104s094s 00 43 s 8449325 00 4i si 3353000 00 47 sl19254 00 51 sio65640o 00 51 s 23353o0 00 8- s 1374433 00 s s 1826300 00 8 s28 53s529o0 100x s74154 63so0 100 20 932025 00 100 council miyor a roman f rgionl couneillorj r w adams w alm walker councillors- wardl p g grosskurth ward 3 mrs c bell ward 5 ward 2 s j daurio ward 4 a 8 bonner ward 6- w b grieve h c lawrie j iblicauondfthearveaitedfinancialstatementsandthereport bftneauditorethereohpursiiantwsecuon224of themiihicipal act x r- a ft m t i j fes s rt t r r anthony roman myor ea barton treasurer mr 1